Saudi Arabia: Building new benchmarks
The kingdom’s socioeconomic transformation is extremely impressive
The red carpets in Riyadh may have been rolled away due to the COVID-19 pandemic forcing this year’s G20 Leaders’ Summit in Saudi Arabia to become a high-profile virtual event rather than a glittering gathering in its modern and prosperous capital, but the kingdom will certainly look back on its presidency of the premier forum for international economic cooperation with great pride and a sense of real achievement.
Through a series of focused discussions, conferences, forums, working groups and ministerial meetings, Saudi Arabia has developed a rewarding portfolio of projects and initiatives under the theme of “Realizing Opportunities of the 21st Century for All”. King Salman bin Abdulaziz Al Saud had always expressed his unwavering confidence in his country’s G20 presidency: “We are undergoing a historic transformation under our Saudi Vision 2030 that aims to foster a vibrant society, a thriving economy and an ambitious nation. The kingdom will work with G20 members to exchange experiences, solidify global cooperation and find solutions for the world’s most pressing challenges of the 21st century.”
The collective roadmap focused on three core aims: empowering people by unleashing opportunities for all; safeguarding the planet by fostering collective efforts to protect our global commons; and shaping new frontiers by adopting long-term, bold strategies to utilize and share the benefits of innovation where international collaboration is vital for tackling its challenges, while harnessing the benefits of digitalization across the economy, encouraging the adoption of new technologies in infrastructure, keeping pace with advances in artificial intelligence and developing smart cities.
Such goals chime with many of the socioeconomic targets featured in the comprehensive Vision 2030 strategy, described by its authors as a bold, yet achievable blueprint for an ambitious nation that is incredibly proud of its past, but is firmly focused on the future. “It expresses our long-term goals and expectations and it is built upon our country’s unique strengths and capabilities. It guides our aspirations toward a new phase of development—to create a vibrant society in which all citizens can fulfill their dreams, hopes and ambitions to succeed in a thriving economy,” states Crown Prince and Chairman of the Council of Economic and Development Affairs Mohammed bin Salman bin Abdulaziz Al Saud.
One of the key components of Saudi Vision 2030 is privatization, with the kingdom opening its wide range of service sectors to local, regional and international investors as part of an economic diversification strategy that aims to reduce its traditional reliance on vast oil and gas reserves. The privatization plan’s adoption in early 2018 saw the kingdom almost immediately become a powerful magnet for substantial foreign direct investment in sectors like energy, telecommunications, utilities, transportation and financial services. While the macroeconomic impact of the pandemic has created major challenges for countries across the world, Saudi Arabia’s size, stature and wealth of natural and human resources has proved its resilience and given investors great confidence.
“We are undergoing a historic transformation via Saudi Vision 2030 that aims to foster a vibrant society, thriving economy and an ambitious nation.”
King Salman bin Abdulaziz Al Saud